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InstitutionalWeb3: Coinbase Empowers Major Players in DeFi, NFTs, and Web3

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Sep 13, 2023 at 11:31 am

Coinbase, renowned primarily as one of the leading cryptocurrency platforms catering to individual investors, has taken a significant stride into the professional realm. Recently, they unveiled a cutting-edge Web3 wallet through their Coinbase Prime division, tailored to facilitate institutional involvement in the realms of NFTs and decentralized finance (DeFi).

This innovative wallet empowers professionals to delve into the world of cryptocurrencies, NFTs, decentralized applications (dapps), and DeFi on a broader scale. It is part of a concerted effort to enable institutions to seamlessly engage with on-chain applications.

Kevin Johnson, the Vice President of Institutional Sales and Trading at Coinbase, emphasized the growing interest from corporations in on-chain participation. Whether it's conducting an NFT drop or even participating in DAOs, these entities are keen to find a secure means of doing so.

The Web3 wallet not only allows clients to securely store tokens from supported networks but also provides instant access to self-custodied funds. Moreover, it facilitates direct interaction with dapps and smart contracts. Johnson highlighted a crucial aspect that sets this wallet apart - its seamless integration with the safety and security protocols of their existing Prime accounts.

Institutions place paramount importance on the safety and security of their assets, as well as maintaining stringent controls over who can access and make decisions regarding those assets. Recognizing this imperative, Coinbase has tailored this product to meet their exacting standards, thus paving the way for their seamless transition onto the blockchain.

For accounts with multi-user setups featuring different permission levels and configurations, these parameters can be extended to the wallet. This ensures that the same level of security extends to their direct on-chain transactions, offering peace of mind to institutional users.

While this new product shares many features with Coinbase's retail wallet, it incorporates additional functionalities specifically tailored to meet the requirements of institutions that rely on multiple team members to access the wallet. In essence, Coinbase is providing institutions with the tools they need to actively participate in on-chain applications.

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